Conway Capital Management Inc. Takes $3.27 Million Position in Meta Platforms, Inc. (NASDAQ:META)

Conway Capital Management Inc. bought a new position in Meta Platforms, Inc. (NASDAQ:META) in the third quarter, Holdings Channel reports. The institutional investor bought 5,717 shares of the social networking company’s stock, valued at approximately $3,273,000. Meta Platforms makes up about 1.6% of Conway Capital Management Inc.’s holdings, making the stock its 14th biggest position.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Lindenwold Advisors INC boosted its position in shares of Meta Platforms by 0.3% during the 3rd quarter. Lindenwold Advisors INC now owns 5,918 shares of the social networking company’s stock valued at $3,388,000 after acquiring an additional 17 shares during the last quarter. Central Valley Advisors LLC raised its holdings in Meta Platforms by 0.3% during the third quarter. Central Valley Advisors LLC now owns 5,714 shares of the social networking company’s stock worth $3,271,000 after purchasing an additional 18 shares in the last quarter. Cherrydale Wealth Management LLC lifted its holdings in shares of Meta Platforms by 0.5% in the 3rd quarter. Cherrydale Wealth Management LLC now owns 3,841 shares of the social networking company’s stock valued at $2,199,000 after purchasing an additional 18 shares during the last quarter. Alliance Wealth Advisors LLC increased its stake in Meta Platforms by 0.7% in the third quarter. Alliance Wealth Advisors LLC now owns 2,787 shares of the social networking company’s stock valued at $1,595,000 after purchasing an additional 18 shares during the period. Finally, Kozak & Associates Inc. grew its position in Meta Platforms by 1.0% in the 3rd quarter. Kozak & Associates Inc. now owns 1,906 shares of the social networking company’s stock valued at $1,099,000 after buying an additional 18 shares during the last quarter. Hedge funds and other institutional investors own 79.91% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently issued reports on META. Tigress Financial lifted their price target on Meta Platforms from $575.00 to $645.00 and gave the stock a “strong-buy” rating in a research note on Friday, August 16th. Cantor Fitzgerald restated an “overweight” rating and issued a $670.00 price target on shares of Meta Platforms in a report on Wednesday, October 16th. DA Davidson initiated coverage on shares of Meta Platforms in a research note on Tuesday, September 10th. They issued a “buy” rating and a $600.00 target price on the stock. Mizuho lifted their target price on Meta Platforms from $650.00 to $675.00 and gave the company an “outperform” rating in a research note on Thursday, October 31st. Finally, Hsbc Global Res upgraded shares of Meta Platforms to a “hold” rating in a research note on Thursday, October 24th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, thirty-five have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $634.71.

Insider Buying and Selling at Meta Platforms

In related news, COO Javier Olivan sold 413 shares of the firm’s stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $520.57, for a total transaction of $214,995.41. Following the completion of the transaction, the chief operating officer now owns 13,185 shares of the company’s stock, valued at $6,863,715.45. This trade represents a 3.04 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Aaron Anderson sold 731 shares of the business’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $557.00, for a total value of $407,167.00. Following the completion of the sale, the chief accounting officer now directly owns 3,414 shares in the company, valued at $1,901,598. This trade represents a 17.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 164,201 shares of company stock valued at $95,420,559. 13.71% of the stock is currently owned by company insiders.

Meta Platforms Stock Down 1.6 %

Shares of NASDAQ META opened at $613.57 on Tuesday. The firm has a fifty day simple moving average of $580.47 and a two-hundred day simple moving average of $534.10. Meta Platforms, Inc. has a 12 month low of $319.99 and a 12 month high of $629.79. The company has a current ratio of 2.73, a quick ratio of 2.73 and a debt-to-equity ratio of 0.18. The firm has a market capitalization of $1.55 trillion, a PE ratio of 28.90, a price-to-earnings-growth ratio of 1.37 and a beta of 1.20.

Meta Platforms (NASDAQ:META) last issued its quarterly earnings data on Wednesday, October 30th. The social networking company reported $6.03 EPS for the quarter, topping the consensus estimate of $5.19 by $0.84. Meta Platforms had a net margin of 35.55% and a return on equity of 35.60%. The business had revenue of $40.59 billion during the quarter, compared to analyst estimates of $40.21 billion. Equities analysts expect that Meta Platforms, Inc. will post 22.68 earnings per share for the current year.

Meta Platforms Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Monday, December 16th will be issued a $0.50 dividend. The ex-dividend date is Monday, December 16th. This represents a $2.00 dividend on an annualized basis and a yield of 0.33%. Meta Platforms’s dividend payout ratio (DPR) is 9.42%.

Meta Platforms Company Profile

Meta Platforms, Inc engages in the development of products that enable people to connect and share with friends and family through mobile devices, personal computers, virtual reality headsets, and wearables worldwide. It operates in two segments, Family of Apps and Reality Labs. The Family of Apps segment offers Facebook, which enables people to share, discuss, discover, and connect with interests; Instagram, a community for sharing photos, videos, and private messages, as well as feed, stories, reels, video, live, and shops; Messenger, a messaging application for people to connect with friends, family, communities, and businesses across platforms and devices through text, audio, and video calls; and WhatsApp, a messaging application that is used by people and businesses to communicate and transact privately.